ALBANY — The state's pension fund for public employees has been used as a political tool, according to a new report from Republican state comptroller candidate Jonathan Trichter.

Trichter argues that state Comptroller Thomas P. DiNapoli has used the fund, currently valued at $206.9 billion, to defend his political allies and grab headlines at the expense of higher earnings that could reduce the state's reliance on tax revenue to fund pensions. The candidate has also questioned the comptroller's decision to spend $6 billion on fees to managers of hedge funds that have under-performed the market.

Tricther's report claims the Democratic incumbent practices a "hollow" brand of social activism with the fund, issuing press releases that don't show the full scope of his investment habits.

Following the 2012 Newtown massacre, the report notes, DiNapoli stated that the fund "does not hold any other public companies whose primary source of revenue is commercial firearms manufacturing," while not mentioning the fund's stake in privately owned Remington Arms through Cerberus Capital Management.

To eliminate the opportunity for politicizing the fund, Trichter said the state's money should be focused on "passive index funds," the fortunes of which are closely tied to the overall market.

On DiNapoli's left, Green Party comptroller candidate Mark Dunlea has argued the pension fund should be used as an explicit tool for social change — through, for example, a wholesale divestment from fossil fuel companies.

Trichter's report makes the case that DiNapoli in 2010 tried to use the pension fund's $33 million in Dr. Pepper/Snapple stock to force a subsidiary to settle a dispute with its union at a plant in New York. DiNapoli is regarded as a close ally of public and private sector unions.

Forand said the arguments raised by Trichter's report represented a "ham-handed attempt to score cheap political points."

"The pension fund hasn't put money into hedge funds for over three years, and every decision made is in the interests of the members and investment returns," Forand said. "The fund has invested billions in its low-carbon index, and severely restricted gun manufacturers from its holdings."

David began reporting in the summer of 2009 as an intern with the Legislative Gazette.

He then worked for the Daily Gazette, covering state government, gambling issues, and Saratoga County. His political blog won first prize for blogging in 2013 from the New York State Associated Press Association.

David most recently worked as capitol reporter and development strategist for New York StateWatch, an online non-partisan reporting service.